Another promise broken – RBI turns away people coming for old notes exchange

Posted on by Ankita Sharma

Another promise broken by the government as people coming for old notes exchange are being turned away from the Reserve Bank of India branches. The RBI has now said that the facility for the old notes exchange is only available for the NRIs who were abroad during the fifty days time period.

RBI branches turn away people coming for old notes exchange

Another promise broken - RBI turns away people coming for old notes exchange

Both Prime Minster and the Reserve Bank of India had promised that the people who are not able to exchange their old notes by December 30 will be allowed to exchange it from the designated branches of the RBI until March 31. Later, another amendment was made in the guidelines set for the deposit of old notes stating that only ten notes each of demonetised Rs 500 and Rs 1000 will be exchanged after December 30.

PM Narendra Modi had stated in his speech addressing the nation on November 8 – “There may be some who for some reason, are not able to deposit their old 500 or 1,000 rupee notes by 30 December 2016. They can go to specified offices of the Reserve Bank of India up to March 31, 2017, and deposit the notes after submitting a declaration form.”

Another promise broken - RBI turns away people coming for old notes exchange

People have started a protest against the Modi-led government for backing out from its promise as they say that they were not aware of the change in the ordinance. This is causing huge hassle to the masses.

The NRIs who were not in India during the fifty days time period have been given a grace period of three months to deposit the old notes until March 31.

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